WorldWatch chief analyst has confirmed the news edited in the site http://so-buracos.blogspot.com/ regarding crude and consumer demand.
Speculation is once more driving crude prices to beyond the acceptable price limit of around $76 per barrel (today $82.25), US and European consumer demand has not increased and there is no sign of doing so in the near future.
Europe continues to face serious deficit problems such as Ireland, Spain and Portugal were new economical measures were announced yesterday by the government, cuts in public spending, reduction by 5% in the public servant salary, benefits in IRS, reduced and in most cases cancelled.
What the Portuguese government forgot to mention or announce any control over is the weekly increase in consumer petrol prices, this alone will affect the economy as petrol prices for the motorist keep going up, inflated by greedy companies such as Galp, BP, Repsol, Cepsa, they all practice the same final consumer price ...Regular 95 Octane 1€399 per litre.
Countries in Europe with the cheapest petrol price:
Leetonia --- Romania --- Cypress --- Bulgaria ... Prices: 1,032 to 1,093
Portugal in Europe has one of the most expensive fuel prices, European members are now 27, (compared to Spain) the petrol price in Spain is Regular 95 Octane 1€179 per litre.
In Portugal if the consumer price for petrol is not controlled then a recession in the first quarter of 2011 will happen as demand for petrol and other goods will decline sharply, mainly due to the fact the IRS value will rise to 23% in January 2011..
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